Discover which countries hold the most gold in 2025. Explore global gold reserve rankings, data insights, and trends behind the world’s top gold-holding nations.

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Top 10 Countries with the Most Gold Reserves

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Gold isn’t just a shiny asset – it’s a strategic shield. For central banks, gold is more than a precious metal; it’s a pillar of financial power. It builds trust, defends against inflation, cushions currency swings, and offers a solid alternative to foreign reserves like the U.S. dollar or euro.

In 2024, central banks added over 1,000 tonnes of gold to their reserves for the second year in a row – a clear signal that gold remains vital to national financial strategies.

So, which countries currently lead the world in official gold holdings?

Turkish flag

Turkey reclaims its place in the global top 10, with 

 helping push its reserves above the Netherlands. The country has been active in boosting its gold stockpile in recent years amid high inflation and currency volatility.

A picture of Japan by night

Japan’s gold holdings haven’t changed much in decades. While it relies more on currencies and bonds, gold still plays a quiet but steady role in its reserve strategy.

A picture of India by night

India continues to increase its gold reserves gradually. The Reserve Bank of India added nearly 30 tonnes in 2024 alone, part of its effort to diversify from the U.S. dollar and euro.

A swiss flag on a mountain

Switzerland's gold reserve is impressive, especially considering its small population. While the Swiss National Bank hasn't made major moves in years, its gold represents financial prudence and neutrality.

A picture of a chinese city

China has been a consistent buyer, increasing its gold reserves for 18 consecutive months as of mid-2025. It’s part of a long-term push to reduce reliance on the U.S. dollar and build a more robust, self-reliant economy.

A picture of a Moscow

Russia dramatically increased its gold reserves over the past decade to insulate itself from sanctions and global financial instability. It has sold off most of its U.S. Treasury holdings and replaced them with gold.

A picture of the Eiffel tower

France hasn't significantly added or reduced its gold reserves in years, reflecting long-term confidence in the metal as a store of value. Its central bank stores the gold in underground vaults beneath Paris.

A picture of Venise

Italy is another eurozone nation that holds tightly to its gold. Despite a turbulent economy and high debt levels, Italy’s central bank has resisted calls to sell any gold, seeing it as an untouchable national asset.

A picture of Berlin

Germany is Europe’s top gold holder and second in the world overall. The Bundesbank began repatriating its gold from abroad (mainly the U.S. and France) in the 2010s to reinforce public trust.

A picture of Washington D.C

No country comes close to the United States in gold holdings. With more than 8,100 tonnes, the U.S. has more gold than the next three countries combined. Most of it is stored at Fort Knox, with additional reserves in Denver and the New York Federal Reserve.

Top gold holders (U.S., Germany, Italy, France) haven’t changed their positions in decades—proving gold’s enduring value in modern finance.

Emerging powers like China, Russia, and India are steadily increasing their reserves as part of a broader strategy to diversify away from the U.S. dollar.

Turkey and Switzerland punch above their weight in gold holdings relative to their economic size.

The continued accumulation of gold by central banks – especially in emerging markets – sends a strong signal: gold is still considered one of the most reliable stores of value. It’s immune to default, resistant to inflation, and universally recognised.

For everyday investors, watching central bank trends can offer insight into broader economic strategies and global uncertainty. If governments are buying gold to reduce risk – maybe you should, too.

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Top 10 Countries with the Most Gold Reserves

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